Tax Day extended to April 17th this year

Tax Day extended to April 17th this year

Crypto Taxes - As April 17th closes in Credit Karma, the highly used Tax platform in the U.S., announced that less than 100 people have reported capital gains from cryptocurrency investments in 2017.

The good news is that this year they will get a reprieve of sorts from the usual April 15 filing deadline - an extra two days to Tuesday, April 17.

Tax pros say there are many legitimate reasons why you might want to file an extension.

Officials are reminding people if the IRS does need to contact you, they will do it through a letter.

When is the last day to file taxes in 2018?

An extension, however, serves to delay only any refund you have coming. If you're working in the gig economy or as a freelancer, you're allowed to take advantage of business expense deductions that you may not be eligible for as a W-2 employee, such as start-up costs, computers, vehicle expenses and so on, according to Greene-Lewis. You can use the IRS Free File to request an extension electronically or submit a paper Form 4868.

What many people don't know is that you can file an extension. As of April 6, just more than 103 million had been filed. This is especially helpful if you are on the margin between taking the standard deduction and itemizing, which could lower your tax liability.

Tax experts say you should not avoid filing your taxes is because you don't have the money to pay. While this is nearly certainly smaller than the actual number of people experiencing these events, it may not be an accurate comparison for the 2017 tax year because of the vast differences in popularity of the cryptocurrency space between those periods.

However, if you can't find a way to pay - file anyway.

After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products.

So, it's a great year to have a professional look at your taxes.